Raymond family feud: Gautam Singhania-Nawaz Modi reach ‘realistic’ settlement
Raymond top boss Gautam Singhania and estranged wife Nawaz Modi are now trying to reach a more "realistic" settlement demand amid their divorce.
The feud between Raymond Group MD Gautam Singhania and his estranged wife Nawaz Modi Singhania may be resolved soon as the two are now trying to reach a more "realistic" approach to their divorce settlement, reported The Economic Times.
The divorce settlement of Raymond Group chairman and managing director (CMD) Gautam Singhania and wife Nawaz Modi took a sour turn when the latter asked for 75 per cent of the billionaire's total net worth, and levelled abuse allegations at him.
However, the lawyers of both parties have put forward a new proposal, and Singhania and his wife have now reached a "more realistic" settlement. It is expected that the settlement deal and divorce will be finalised in the next few days.
This comes as Raymond shareholders and board of directors remained concerned over the hit taken by the share prices and company valuation due to their MD's public divorce settlement and domestic violence allegations.
Raymond had appointed independent legal counsel Berjis Desai to advise the board regarding the divorce dispute between Singhania and Modi, but acknowledged the fact that this is a matter which lies outside their remit.
While the newspaper reported that a more realistic divorce settlement has been reached between Gautam Singhania and Nawaz Modi, throwing out the initial demand of 75 per cent of the businessman's net worth, the specifications of the new settlement are not yet known.
Gautam Singhania-Nawaz Modi divorce
Gautam Singhania announced on November 13 that he and his estranged wife Nawaz Modi are in the process of separating, with the couple now ironing out the details of the divorce settlement. Modi had demanded 75 percent of his net worth for herself and their two daughters in the initial settlement deal.
Soon after, Nawaz Modi alleged that Gautam Singhania has been physically abusive, saying that he had "beaten up" their minor daughter in their home. However, Singhania refused to comment on these allegations.
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